Taxes

Where can I find out more about property taxes?

The Escrow Process

How does the sale escrow process work?

Draw escrow instructions according to your agreement.

Order a preliminary title report (“open an order”) for the property being sold. This report reveals liens of record on the property and is our guideline to assure that title is conveyed with only the liens the buyer agrees to accept.

Order Statement/Demands from the Lender of record, Homeowner's Association or any other lien holder that affects the title to the property.

Bills for termite inspection, the home warranty plan, hazard reports, repairs, etc. are collected for payment through escrow. City reports, if applicable, are ordered.

As soon as the loan documents are delivered, we will estimate the closing costs and call the buyer's Realtor to arrange for an appointment to sign the loan documents and bring in the closing funds. (Some lenders will give us their charges verbally prior to sending documents to us ... if so, we get a head start on the closing procedure.)

After buyer has signed all loan documents, they are sent to the lender with a request that the loan be funded. YOUR ESCROW HAS NOT YET CLOSED. DEPOSITING CLOSING FUNDS INTO ESCROW DOES NOT CLOSE THE ESCROW... RECORDING THE DEED CLOSES THE ESCROW.

When the buyer's new loan has been approved, we order the evidence of insurance from the buyer's insurance agent. It is needed prior to the funding of the loan.

Lenders have different time schedules ... some fund locally and need only a few hours notice to fund and others will need a full day's notice. Some lenders fund out of the county or are funded by another agency and need as much as 2 days notice from the time they receive the signed documents back in their office.

After a lender verifies that they are in a position to release the loan funds, we call the title company to "set-up" the recording. Recordings are done in Los Angeles County at 8:00 a.m. The title company will re-check the county records the night prior to recording to ensure that no new liens have been recorded since the preliminary title report was issued. On occasion, a new lien will appear and the recording will be "pulled" until a clearance of the new lien can be obtained. The title company will call escrow to confirm recording and give their charges. We then balance the funds of the escrow, type closing statements and disburse funds. Escrow is now closed

Ways of Holding Title

What are my options for holding title on real property that I co-own?

CONCURRENT - CO-OWNERSHIP INTERESTS

Tenancy in Common

Joint Tenancy

Community Property

Community Property with Right
of Survivorship

Tenancy in Partnership

Parties

Any number of persons (can be husband and wife)

Any number of persons (can be husband and wife)

Only husband and wife

Only husband and wife

Only Partners (any number)

Division

Ownership can be divided into any number of interests equal
or unequal

Ownership interests must be equal

Ownership interests are equal

Ownership interest is equal

Ownership interest is in relation to interest in partnership

Title

Each co-owner has a separate legal title to his undivided interest

There is only one title to the whole property

There is only one title but each co-owner has a separate interest

Title is in the "community". Each interest is separate

Each co-owner's interest is owned in partnership for partnership
purposes

Possession

Equal right of possession

Equal right of possession

Equal right of management and control except in case of personal
property used in a business

Both co-owners have equal possession

Equal right of possession for partnership purposes. No right
of possession for any other purpose except by mutual consent.

Conveyance

Each co-owner's interest may be conveyed separately by its
owner

An conveyance by one of the joint tenants alone breaks the
joint tenancy between his interest and the others but does not affect the continuation
of the joint tenancy between the interests of any two or more other joint tenants

Interests cannot be conveyed separately. Both co-owners must
join in conveyance of real property. Either co-owner can transfer personal property.

Real property requires written consent of other spouse, and
with separate interest cannot be conveyed except upon death

Partner's individual interest in specific property cannot be
conveyed separately. Any authorized partner can convey the whole partnership title

Purchaser's Status

Purchaser will become a tenant in common with the other co-owners
in the property

Purchaser will become a tenant in common with the other co-owners
in the property

Purchaser cannot acquire one co-owner's interest and hold as
community property with other co-owner

Purchaser can only acquire the whole title unless he becomes
a partner

Death

On co-owner's death this interest passes to his devisees under
his will or to his heirs. No survivorship right

On co-owner's death, his interest ends and cannot be disposed
of by will. Survivor owns the property by survivorship.

On co-owner's death, 1/2 belongs to survivor in severalty,
1/2 goes by will to decedents devisees or by succession to survivor.

On co-owners death the entire tenancy remains to the survivor.
This right of survivorship is one of the primary incident of community property
with right of survivorship

Purchaser can only acquire the whole title unless he becomes
a partner

Successor's Status

Devisees or heirs become tenants in common.

Last survivor owns property in severalty.

If passing by will, tenancy in common between devisee and survivor
results.

If passing by Will, tenancy in common between devisee and survivor
results

Devisees or heirs have no rights in specific partnership property.

Creditor's Rights

Co-owner's interest may be sold on execution sale to satisfy
his creditor. Creditor becomes a tenant in common.

Co-owner's interest may be sold on execution sale to satisfy
his creditor. Joint tenancy is broken, creditor becomes tenant in common.

Community property is liable for the debt of either co-owner
contracted after marriage. Debtor co-owner's interest cannot be sold separately
on execution; whole property must be sold to satisfy creditor.

Property of community is liable for contracts of either spouse
which are made after marriage and prior to or after January 1, 1975. Co-owner's
interest can note be sold separately; whole property may be sold on execution
to satisfy creditor

Partner's interest cannot be seized or sold separately by his
personal creditor, but his share of profits may be obtained by a personal creditor.
Whole property may be sold on execution sale to satisfy partnership creditor.

Presumption

Favored in doubtful cases except husband and wife case.

Must be expressly stated. Not favored.

Strong presumption that property acquired by husband and wife
is community.

Arise only by virtue of partnership status in specific property
held in partnership.